DDD23

Dirt Diggers Network: Digest No. 23
November 14, 2002

Editor: Philip Mattera


1. "Riding the Dragon": new book on Shell's environmental sins

2. Guide to online sources for state corporate filings

3. FreeErisa introduces database on Top Hat benefit plans

4. SEC puts no-action and interpretive letters on its website

5. Access to FCC ownership study data

6. Investing in vice


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1. "Riding the Dragon": new book on Shell's environmental sins


The Environmental Health Center, based in Boston, has just published

a book called "Riding the Dragon: Royal Dutch Shell & the Fossil Fire,"

written by Jack Doyle. The book, the text of which is available online at

<www.shellfacts.com>, describes the environmental damage caused

by the refineries operated by the European petroleum giant and

its subsidies, including Shell Oil Co. in the United States.


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2. Guide to online sources for state corporate filings


The legal research website LLRX.com has published an updated

version of Kathy Biehl's survey of online sources for state business

filings <http://www.llrx.com/columns/roundup29.htm>. More than

40 states currently provide some degree of web access (in some

cases, for a fee) to information on corporations, limited liability

companies and limited partnerships.


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3. FreeErisa introduces database on Top Hat benefit plans


FreeErisa, the website that provides access to pension information

contained in the Form 5500 that plans file with the U.S. Department

of Labor, has introduced a database with information on Top Hat plans

(see http://www.freeerisa.com/Extras/TopHat.asp  ). These unfunded

plans, which are not subject to the same reporting requirements as

conventional benefit programs, are a device used by companies to

provide lucrative deferred compensation packages for select groups

of managers and employees.


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4. SEC puts no-action and interpretive letters on its website


The SEC's Division of Corporation Finance, the Division of Investment

Management and the Division of Market Regulation have begun posting

staff no-action and interpretive letters on the commision's website (see

http://www.sec.gov/interps.shtml). Also included are archives of such

documents going back to early 2002. See, for example, a letter to

Nabors Industries about what its reporting requirements would be

after the company completed a transfer of its legal headquarters to

Bermuda <http://www.sec.gov/divisions/corpfin/cf-noaction/nabors043002.htm>.


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5. Access to FCC ownership study data


The Federal Communications Commission announced recently

that members of the public can have restricted access to the

underlying data used in the preparation of recent studies

on ownership trends in the media. The announcement can be

found at:  http://hraunfoss.fcc.gov/edocs_public/attachmatch/DA-02-2980A1.pdf.

The studies themselves, which were commissioned as part of the

FCC's review of its steadily disappearing ownership rules, are available

online at: http://www.fcc.gov/ownership/studies.html.


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6. Investing in vice


At a time when it is fashionable for corporations and investment

managers to talk of social responsibility, a new mutual fund is

proud of its political incorrectness. The Vice Fund <www.vicefund.com>,

launched recently by Mutuals.com of Dallas, is deliberately investing

in stocks in pariah industries such as tobacco, alcoholic beverages,

gambling and military contracting. The fund's philosophy was expressed

succinctly by the Washington Times: "Markets rise and markets fall,

but one thing never seems to change: Drinkers drink, smokers smoke

and gamblers gamble." To which may be added: and the United

States goes to war.

 

Philip Mattera
pmattera@goodjobsfirst.org